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interest-rate environment. i think everybody agrees that we are in in a low interest-rate environment. if we are, it is not $16 billion negative, it is $31 billion negative. the last recession ended in mid-2009. it does not feel like it ended, but officially, that is when it ended. fha is very vulnerable to a recession, as the chairman said at the beginning. very vulnerable. if there were to be a recession , anytime in the next years, just a normal recession, fha would suffer how distraught the glosses and the taxpayer would be at risk. but only today have all these negative economic values, then they run into some additional losses that they never projected. >> thank you. >> i'm of the gentle lady has expired. we now recognize the gentleman from california. five minutes. >> thank you. the fha may have mispriced risk, but i will point out the private sector did worse. s&p stood as the crown jewel of the private sector's ability to price risk. they are in the business of telling everybody else in the private sector what the risk was. now, a judge or jury will determine only the simple
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